FXCM Review

FXCM delivers the most options and tools of any broker, supporting diverse forex trading strategies and experience levels. Their laser focus on forex trading drives innovation in that particular market, but they do have slightly higher costs and fewer options for trading other markets.

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The Good

Trade around the world with 50 currency pairs

If you want to take advantage of trends all around the globe, FXCM delivers the most currency options with over 50 different currency pairs. Additionally, FXCM gives traders the opportunity to open accounts in U.S. Dollars, Euros, Yen, British Pounds, Canadian Dollars, New Zealand Dollars, or Australian Dollars.

Powerful base platforms have every trader covered

The best forex brokers offer a robust platform for every skill level and preference. FXCM delivers a solid Meta Trader 4 platform for the higher end user. Trading Station desktop, as well as a web version that works on Windows and Mac computers, cater to all user levels and enable usage from any computer type. Mobile traders are able to access the same powerful tools on the go from iPhone, iPad, or Android devices.

Strong partners deliver specialty platforms and services

If you need that special touch to transform your trading, FXCM partners with several companies to provide information and trading solutions. With Mirror Trader, you choose from hundreds of professionally designed strategies with no performance or maintenance fees. Ninja Trader provides advanced charting, analysis, and strategy building options. With Zulu Trade, you can automatically copy other people’s trades, which takes the time and emotion out of trading forex.

Historical data access drives backtesting

For analytical traders who work with data, Trading Station Desktop enables you to backtest your forex trading strategy and measure the performance of a trading strategy against historical forex market data. This data helps you gauge the effectiveness of your forex strategies, determine key areas where your trading strategies can be improved, and gain confidence in your strategies prior to executing them in the real forex market. This tool is only available through the desktop version.

Among the best in trader education

Beginners and advanced traders can both benefit from FXCM’s Resource Center. The center does a great job providing top-of-the-line videos and guides on the forex markets, technical trading topics, and FXCM’s platforms. Introductory and advanced trading concepts are covered in on-demand video lessons and live trading sessions by partner DailyFX.

The Bad

Slightly higher spread pricing

FXCM’s Straight Through Processing (STP) system comes out on the higher end of price comparisons. However, they do offer elite pricing for high-volume traders. If you’re a stickler for low cost and don’t prefer the high volume, you may want to look at TradeKing or even the MB Trading Pay for Limits Plan.

No ability to trade other investment products

Part of what makes FXCM a superb forex broker is their focus on forex clients, but do note that they do not offer stocks, options, or futures trading. One exception is that international clients do have some access to CFD products, but if you’re looking for a multi-investment platform, try thinkorswim.

The Details

Costs and Fees

  • Forex Trade: $26
  • Forex Trade Cost Type: Pips
  • Futures Trade: N/A
  • Minimum Deposit: $50
  • Options Trade: N/A
  • Stock Trade: N/A

Trading Details

  • Clearing Method: ECN
  • Maximum Leverage (International): 50:01:00
  • Maximum Leverage (U.S.): 50:01:00

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